Sydney airport operator MAp Group says "proportional earnings" for the year to date are up 19.5% on traffic growth of 7%.
The 23%-owned Macquarie Group offshoot yesterday reported proportionate earnings of $323.4 million for the nine months to September 30.
Total earnings before interest, tax, amortisation and depreciation increased 15.7 % to $597.5 million compared with the first nine months of 2009.
"Sydney Airport delivered 14.2 per cent EBITDA growth for the first nine months of 2010 and underlying growth at Copenhagen and Brussels airports, adjusting for one off items such as the ash cloud-related closure, was 11 per cent and 5.6 per cent respectively," MAp chief executive Kerrie Mather said in a statement.
"Both Sydney and Copenhagen have set traffic records in recent months whilst growth accelerated in the third quarter at Brussels."
"We continue to see new capacity announcements which, coupled with delivery from commercial initiatives and the operational leverage driven by MAp’s active management, should ensure positive earnings momentum. " Ms Mather said in yesterday’s statement.
Sydney Airport, which is MAp’s major asset, experienced year-to-date traffic was influenced by the strong Australian dollar contributing to outbound travel demand, the company said yesterday.
"Year to date traffic growth stands at 9.0% with the strong Australian dollar contributing to outbound travel demand.
"Sydney Airport continues to attract new airlines and services with Air Mauritius commencing services in the third quarter and V Australia announcing a co-operation agreement with Etihad Airways which will see V Australia operating on the Sydney Abu-Dhabi route from February 2011.
"Brindabella Airlines became Sydney’s newest regional airline and Aeropelican announced a service expansion," MAp said in the commentary in yesterday’s statement.
"The strong traffic performance also supported retail revenue with 11.7% growth year to date.
"The redeveloped retail offering and environment in the International Terminal continues to be well received.
"The introduction of a 15 minutes free parking band at the International Terminal has been welcomed by airport users and is proving a popular innovation.
"Excellent cost discipline continues with per passenger costs declining 3.4% year to date (excluding recoverable security costs and specific expenses). Third quarter operating expenses did benefit from a number of non-recurring items.
"Sydney Airport recently successfully refinanced its 2011 and 2012 debt maturities. The support from both existing and new lenders was very pleasing and, as a result, the airport has diversified its sources of funding and lengthened its maturity profile.
"Sydney Airport now has no debt maturities until October 2013," MAp said..
Copenhagen traffic grew 8.2%, while Brussels Airport’s grew 2.9% and was impacted by the Icelandic volcanic ash cloud closure and an air traffic control strike in September.
MAp said earnings per stapled security for the nine months were 17.4 cents, up 9.5% on the prior corresponding period.
MAp securities eased a cent to $3.07.
